Sydney, Australia—A recent study shows that the Australian market has grown leaps and bounds during the last 12-month interval. The national average home price is now 11.7 percent higher than it was a year ago, a study by Domain.com.au shows. Sydney was the star performer of the Australian housing market, having improved in terms of average price by 22.9 percent, by far the most substantial gain in the entire country.

The June House Price Report elaborated by Domain indicates that the current average home price in Sydney has crossed the $1 million threshold, allowing the city to join an exclusive club of housing markets that includes cities such as New York, London, San Francisco and Paris. Domain data shows that the median home price in Sydney at the end of June stood at $1 million, an 8.4 percent increase over the previous quarter. The city’s housing market is now at a higher level than it has ever been in its entire history. According to the report, exceedingly low mortgage rates and strong confidence could see prices continue to soar in 2015. Unit prices meanwhile have grown by 6.6 percent over the last quarter and are now at an average level of $656,078.

Other major Australian cities have recorded strong year-over-year growth with Melbourne average prices improving by 10.3 percent to $668,030—also a record high—while Canberra’s median home price is now 5.4 percent higher than it was 12 months. Modest growth was recorded for home prices in the cities of Brisbane (1.9 percent year-over-year), Adelaide (3.3 percent), Hobart (0.6 percent) and Darwin (1.6 percent). Unit prices have decreased in some cities indicating increased interest in homes is taking its toll multifamily properties.